Everyone is pretty equally incentivized to migrate to the cheapest possible energy source, I would think. The problem is that the CapEx cost of migrating is non

Everyone is pretty equally incentivized to migrate to the cheapest possible energy source, I would think. The problem is that the CapEx cost of migrating is nonzero, and usually prohibitive unless you have high confidence you can make it up in lower OpEx over a long period of time. I can say pretty confidently that banks and financial institutions are much more likely to stick around long enough to realize the full financial benefits of renewables than miners are. It's just too risky that you'll eat your renewable investment if bitcoin loses too much value, particularly given the recent huge swings in the market, and the added uncertainty of so many people forecasting doom. I'm not in a position to estimate the waste energy of a financial institution either, but you're right that it probably is quite large, but it's hard to say which is more wasteful.